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4998Ratification Number: 363Act Number: 286Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20020403Primary Sponsor: KelleyAll Sponsors: KelleyDrafted Document Number: l:\council\bills\pt\1808dw02.docDate Bill Passed both Bodies: 20020516Date of Last Amendment: 20020509Governor's Action: SDate of Governor's Action: 20020528Subject: State government entities renting, leasing, or purchasing of equipment, State Treasurer to provide financing arrangements under Master Lease Program to entitiesHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20020613 Act No. A286 ------ 20020528 Signed by Governor ------ 20020522 Ratified R363 House 20020516 Concurred in Senate amendment, enrolled for ratification Senate 20020514 Read third time, returned with amendment Senate 20020509 Amended, read second time Senate 20020508 Committee report: Favorable 06 SF Senate 20020418 Introduced, read first time, 06 SF referred to Committee House 20020418 Read third time, sent to Senate House 20020417 Amended, read second time House 20020411 Committee report: Favorable with 30 HWM amendment House 20020403 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on April 11, 2002 - Word format Revised on April 17, 2002 - Word format Revised on May 8, 2002 - Word format Revised on May 9, 2002 - Word format
(A286, R363, H4998)
AN ACT TO AMEND SECTION 1-1-1020, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORIZATION FOR THE STATE TREASURER TO MAKE INSTALLMENT LOANS TO ENTITIES OF STATE GOVERNMENT FOR THE PURPOSE OF RENTING, LEASING, OR PURCHASING OF CERTAIN EQUIPMENT, SO AS TO DELETE REFERENCES TO INSTALLMENT LOANS AND INSTEAD ALLOW THE STATE TREASURER TO PROVIDE FINANCING ARRANGEMENTS UNDER THE MASTER LEASE PROGRAM TO ENTITIES OF STATE GOVERNMENT FOR THE PURPOSE OF OBTAINING CERTAIN EQUIPMENT, TO REQUIRE THE STATE TREASURER TO NEGOTIATE THE FINANCING TERMS FOR THIS PROGRAM, TO REQUIRE REPAYMENT SCHEDULES UNDER THE PROGRAM TO PROVIDE SUFFICIENT FUNDS TO DEFRAY PROGRAM ADMINISTRATION COSTS, AND TO ALLOW THE OFFICE OF THE STATE TREASURER TO RETAIN THESE FUNDS TO DEFRAY ITS COSTS WITH ANY EXCESS FUNDS AT YEAR-END DEPOSITED TO THE CREDIT OF THE GENERAL FUND OF THE STATE.
Be it enacted by the General Assembly of the State of South Carolina:
Master lease program; funds retained
SECTION 1. Section 1-1-1020 of the 1976 Code, as last amended by Act 497 of 1994, is further amended to read:
"Section 1-1-1020. (A) The Office of State Treasurer is authorized to provide financing arrangements under the master lease program on behalf of boards, commissions, institutions, and agencies of state government for the purpose of renting, leasing, or purchasing office equipment, telecommunications equipment, energy conservation equipment, medical equipment, data processing equipment, and related software in accordance with procurement statutes and regulations.
(B) The Office of State Treasurer shall negotiate the terms of any financing arrangement and prescribe the procedures necessary to administer this program.
(C) When providing financing as described in subsection (A) of this section, the Office of State Treasurer shall ensure that repayment schedules provide sufficient funds to defray the cost of administering this program. The Office of State Treasurer shall retain such funds as are necessary to defray administrative costs. Any excess funds at year-end must be deposited to the credit of the general fund of the State."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 22nd day of May, 2002.
Approved the 28th day of May, 2002.
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